What is West Texas Intermediate crude?
West Texas Intermediate, or WTI, is a grade of crude oil produced in the United States and used as a main benchmark for oil prices. Traders quote its price per barrel in futures markets. On the latest session cited here, WTI futures settled at $103.27 a barrel, up 3.8 percent.
Why it's in the news
Oil topped $100 a barrel on Friday amid fears that the U.S.-Iran conflict could flare up again, and the Dow dropped more than 600 points as stocks sold off across most sectors. WTI settled at $103.27 a barrel, and Brent at $116.72.
- Djia — Dow falls more than 600 points as oil tops $100 a barrel
Background
West Texas Intermediate is a light, sweet crude oil mined mainly in the United States. Its name comes from the region of origin, and it is a standard reference point for pricing American oil. Buyers and sellers use WTI futures contracts to set the price of crude traded on American exchanges.
WTI is often compared with Brent crude, the main benchmark for oil produced in the North Sea and much of the world. Both are measured in dollars per barrel. The gap between the two is one way analysts gauge conditions in global supply and demand.
On Friday, WTI futures rose 3.8 percent to settle at $103.27 a barrel, while Brent rose 3.1 percent to end at $116.72, its highest settle since April. Traders reacted to reports that the United States and Israel might be preparing renewed strikes on Iran, part of a regional conflict that began in late February. The same day, the Dow Jones Industrial Average fell 652.82 points, or 1.23 percent, to 52,215.16, as oil prices pressed on stocks across most sectors. American Express fell more than 3 percent after announcing plans to cut about 5 percent of its global workforce, and Caterpillar, a Dow component, slipped about 2 percent.
What people are asking
What is the West Texas Intermediate crude oil price today?
The latest figure in the available sources is $103.27 a barrel, the settlement of WTI futures on Friday, when prices rose 3.8 percent. Prices change daily, so later quotes may differ.
What is West Texas Intermediate versus Brent crude?
WTI is the U.S. benchmark, produced mainly in the United States. Brent is the main benchmark for oil from the North Sea and much of the world. On Friday, Brent settled at $116.72, about $13 above WTI's $103.27.